EquityPandit’s Outlook for Nifty Bank for the week  (Oct 09, 2017 – Oct 13, 2017) :

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 0.60%.

As we have mentioned, last week that minor resistance for the index lies in the zone of 24150 to 24250. Resistance for the index lies in the zone of 24400 to 24500 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 25000 to 25100 where the index has formed a double top pattern. During the week the index manages to hit a high of 24242 and close the week around the levels of 24190.

Support for the index lies in the zone of 23900 to 24000 from where the index broke out of June-2017 highs and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 23000 to 23100 where the index has taken support in the month of June-2017.

Minor resistance for the index lies in the zone of 24150 to 24250. Resistance for the index lies in the zone of 24400 to 24500 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 25000 to 25100 where the index has formed a double top pattern.

Range for the week is seen from 23700 to 23800 on downside & 24700 to 24800 on upside.